The Rolex reference 6062 "Bao Dai" just sold for $5,060,427, making it the most expensive Rolex ever sold at auction. The watch sold as lot 93 of today's Phillips Geneva Watch Auction: Five, setting the new world record (as everyone expected).

This unique ref. 6062 is special for a number of reasons. It is the only known example of the ref. 6062 with a black dial and diamond indexes, and it belonged to the last emperor of Vietnam, who was quite the character. Many expected it to break the previous Rolex record (held by a split-seconds chronograph ref. 4113 sold by Phillips just 12 months ago), but the Bao Dai smashed past the CHF 2.5 million mark right from the start, and the only unknown left was how far collectors would go for this watch.

It's no surprise this watch took back its old record – just look at it.

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The result means the Bao Dai reclaims a record which it set in 2002, when it was sold for $235,000. In other words, the value of this watch is 21 times what it was 15 years ago. Pretty insane.